bank rates

1-Year CD Rates Are The Best Buy At HSBC

You’ll never find big banks in our rankings of the best CD rates.

That’s because they pay below average returns on most of the CDs they sell. Way below average rates in many cases.

It's paying an above-average 0.70% APY.But if you study big bank rate sheets carefully enough, you can usually find a couple of terms that offer average, or even above average, rates.

HSBC is no exception.

Most of its CD rates are just abysmal. But you can earn 0.70% APY with a $1,000 minimum deposit on its 12-, 13- and 15-month CDs.

That’s nowhere near the best nationally available return of 1.51% APY on 1-year CDs, but it beats the current average return of 0.56% APY.

We can’t say that for the other CD rates on the HSBC Web site:

3-month CDs earn 0.05% APY, which is far below the average return of 0.23% APY.

6-month CDs earn 0.10% APY, which is also woefully short of the 0.34% APY average return.

24-month CDs earn 0.50% APY, also below the average return of 0.89%.

HSBC is the world’s largest financial services company. It’s based in London and has nearly 400 branch banks in New York, 11 in Florida, six in California and one each in Delaware, Pennsylvania, Oregon, Washington and Washington, D.C.

The rates on all of the low-paying certificates of deposit are the same, whether you buy them online or at an HSBC branch.

But savers who don’t have a Premier or Plus Checking account at HSBC must buy the 12-, 13- and 15-month CDs online to score the 0.70% APY rate. If you don’t have one of those accounts, and try to buy one of those CDs at an HSBC branch, you’ll only be offered 0.40% APY

You can see how these rates compare to the returns we’ve recently found at other big banks, including Chase, Bank of America, Citibank, U.S. Bank and Wells Fargo.

Click here to compare these returns the best CD rates from scores of other banks.

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